Karachi, July 02, 2014 (PPI-OT): Zakaria Usman, President FPCCI has stated that the work on budget is under progress in the government circle and the government endeavours to remove the anomalies of the budget. He said that FPCCI has already submitted all anomalies and irritants of the budget along with its suggestions to the federal government and Chairman FBR as well.
The Finance Minister during his budget speech recognized FPCCI’s proposed shadow budget and he announced to form a separate commission to review the shadow budget of FPCCI exclusively.
The President FPCCI further said that last month he met the Chairman, FBR Mr. Tariq Bajwa and discussed all anomalies and irritants of the budget announced by the government. The Chairman FBR had agreed to resolve the issues of sales tax and reduction in GIDC rates and informed that the Commission would be established in the month of July, 2014.
However, a committee would be established in the month of July 2014 to discuss the anomalies and irritants of the budget. Zakaria Usman further said that the business community is impatiently waiting for the said Commission of the government and the Committee for removal of anomalies of the budget.
The Commission should be established without any further delay so that all anomalies and irritants can be timely addressed and incorporated in the budget in the larger interest of the nation and economy, he urged.
Zakaria Usman assured the Government that FPCCI will closely work with the Commission of the government for reviewing FPCCI’s highlighted budget anomalies and irritants and proposals thereon, including its sales tax proposals of single stage and single digit, from existing 17%, non-adjustable, based on No-Input-No-Refund mechanism. He expressed his hope that this would instantly result in positive cash flow for business, as being a consumption tax, it directly impacts inflation, induces tax evasion, corruption, smuggling etc.
For more information, contact:
M. A. Lodhi
Federation of Pakistan Chambers of Commerce and Industry (FPCCI)
B-1, Federation House, Main Clifton Road,
Tel: 0092-21-35873691, 93-94
Fax: +9221 3587 4332